News

Broward County’s Year over Year Job Growth at 22,800 jobs

Published Wednesday, March 15, 2017

(Fort Lauderdale, FL) - Broward County’s job report indicated a 5.0 percent unemployment rate in January 2017. This rate was 0.3 percentage point higher than the region’s year ago rate of 4.7 percent. Nonagricultural employment increased by 22,800 jobs (+2.8 percent) over the year, with an employment of 832,300 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County). The region’s jobless rate was 0.2 percentage point lower than the state rate (5.2 percent). Out of a labor force of 1,018,162 there were 50,836 unemployed Broward County residents.

“We’re very pleased to see that Broward County continues to be a leader in job creation with 22,800 jobs over the year,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “Six out of eight major industries experienced positive over the year growth, which is a good indicator of the strength of our economy and of our success in working to diversify our economy. “

Data and Analysis

The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the third highest annual job growth compared to all the metro areas in the state in professional and business services (+6,100 jobs) and government (+2,500 jobs) in January 2017. The professional and business services (+4.3 percent); education and health services (+4.3 percent); leisure and hospitality (+3.9 percent); and government (+2.4 percent) industries grew faster in the metro area than statewide over the year. The major industry sectors that added jobs over the year in the metro were: professional and business services (+6,100 jobs); education and health services (+4,400 jobs); leisure and hospitality (+3,600 jobs); trade, transportation, and utilities (+3,200 jobs); government (+2,500 jobs); construction (+2,400 jobs); other services (+1,300 jobs); and manufacturing (+200 jobs). The financial activities (-900 jobs) industry lost jobs over the year.

January 2016 to January 2017

Industry

Job Change (% Change)

Professional and Business Services

+6,100

(+4.3%)

Education and Health Services

+4,400

(+4.3%)

Leisure and Hospitality

+3,600

(+3.9%)

Trade, Transportation and Utilities

+3,200

(+1.7%)

Construction

+2,400

(+5.7%)

Manufacturing

+200

(+0.7%)

Information

+0

(+0.0%)

Financial Activities

-900

(-1.6%)

Source: U.S. Department of Labor, Bureau of Labor Statistics.

The major sectors that gained jobs from December 2016 to January 2017 were education and health services (+700 jobs) and leisure and hospitality (+500 jobs). Manufacturing (-200 jobs); information (-200 jobs); construction (-300 jobs); financial activities (-1,600); professional and business services (-2,700); and trade, transportation and utilities (-4,600 jobs) lost jobs over from December 2016 to January 2017.

December 2016 to January 2017

Industry

Job Change (% Change)

Education and Health Services

+700

(+0.7%)

Leisure and Hospitality

+500

(+0.5%)

Manufacturing

-200

(-0.7%)

Information

-200

(-1.0%)

Construction

-300

(-0.7%)

Financial Activities

-1,600

(-2.8%)

Professional and Business Services

-2,700

(-1.8%)

Trade, Transportation and Utilities

-4,600

(-2.4%)

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Florida’s seasonally adjusted unemployment rate for January 2017 was 5.0 percent, which is 503,000 jobless Floridians out of a labor force of 9,995,000. Florida’s unemployment rate remained unchanged from the January 2016 rate of 5.0. Florida’s unemployment rate has declined or held steady over the year for 78 consecutive months. Florida’s January unemployment rate increased 0.1 percentage point from the December 2016 rate. Prior to January 2017, the unemployment rate had declined over the month or held steady since October 2010.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 5.2 percent in January 2017. This rate was 0.4 percentage point higher than the region’s year ago rate of 4.8 percent. In January 2017 nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 617,400, an increase of 16,700 jobs (+2.8 percent) over the year. Out of a labor force of 721,297 in the metro area, there were 37,581 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 5.1 percent in January 2017. This rate was 0.1 percentage point lower than the region’s year ago rate of 5.2 percent. In January 2017 nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,174,300, an increase of 31,800 jobs (+2.8 percent) over the year. Out of a labor force of 1,407,795 there were 71,289 unemployed residents in the region.

In Broward County, we see year over year job growth and continued improvement in the local economy. Target industries, identified by the Greater Fort Lauderdale Alliance, are adding jobs to the community. As the primary economic development organization for Greater Fort Lauderdale/Broward County, the Greater Fort Lauderdale Alliance continues to help companies create, expand and retain high-wage jobs and generate capital investment in high value targeted industries, developing more vibrant communities and improving the quality of life for our area’s citizens. For more information, visit www.gflalliance.org